Are you sure about that. Our Insurance totals about 1.68% of Hull value.
If you ask me this is a dumb move by the owner and the administrator.
For the life of me I can not see how its legally flyable. There is some ruling in the RAAus manual I am sure about weights and so on, which is the minimum weight must not exceed a certain percentage of the MTOW. The idea being this scenario could not happen.
Ultralights..... you should know where it is!